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. >> okay, sixuan, thanks for that. >>> it says merging giants. they may not be. defense giants bae and eads have until the end of the day to decide whether they can get together or scrap plans. they'll be locked in talks to the last minute with hints that germany is ready to block a deal, and a spokesman has already confirmed there will be no announcement. william hague spoke about it. >> we've got a good record in recent years in having defense projects, such as the typhoon aircraft with other european countries. but the relationship with the united states, our strategic relationship and technological relationship with the united states is indispensable to us. so, of course, it is necessary for us to be able to continue in both those directions simultaneously. and that's a very important consideration. any such merger of this kind. >> and joining us for more is the director at chatham hasram. they came out against the deal. so that was from a shareholder's point of view. what about from a uk defense point of view? are there political risks in allowing this to go ahead? >> the biggest polit
these devastating defense cuts because what that does, when we ekwiv cate on our values, show that we're cutting our own defense, it makes us more weak, it projects weakness. when we look weak our adversaries are willing to test us and our allies are willing to test -- >> with all due respect that's a bunch of mularkemularkey. not a single thing he said is accurate. >> be specific. >> i will be very specific. number one, this lecture on embassy security, the congressman here cut embassy security in his budget by $300 million below what we asked for. number one. so much for the embassy security piece. number two, governor romney, before he knew the facts, before he even knew that our ambassador was killed, he was out making a political statement which was panned by the media around the world. an this talk about this weakness, i don't understand what my friend is talking about here. we -- this is a president who's gone out and done everything he has said had he was going to do. this is a guy who's repaired our alliances so the rest of the world follows us again. this is a guy who brought the entire wo
the guidance for q-4, so you have to be defensive over the next four weeks. >> everybody talks about the most hated rally. i know i coined that. while money has been coming out of stock mutual funds, there has been money going into etfs and high-yield bond funds. they're not really bond funds. in times of volatility, they act like stock funds. people are seeking alternatives in stock-like instruments. >> bob makes a great point about high yield. we have seen a virtual stampede into high yield. investors have to sell their soul to get 3% today. all is not well on the anniversary of this bull market high. >> let's face it, guys, historically speaking those are hardly high yields we're talking about. >> lowest yields in history. >> yes, they are. okay. thank you. talk to you later. 53 minutes left in the trading session. the dow hovering near the lows of the session, down 85 points. >> stick around. we have a lot more to come on this busy tuesday edition of the "closing bell." >>> coming up, payback? the president keeps painting wall street as the villain. >> bernie madoff, ken lay. criminals, g
focused right now on ideas, on the defense of the ideas, bold ideas, as romney articulated last week. he changed the whole narrative. the obama campaign's effort to undermine it by these silly attacks, republicans can't stand young people, they want to kick them off their parents' health care, they want to go after women, the war on women. and now the new option, they're going after big bird, oh, my gosh. it's silly. >> when paul ryan says that the fullest extent of his experience in foreign policy is that he's voted to send people to war, when you've got joe biden whose son not only served for a year but also as a senator from delaware, he's been out there at dover sending troops off, welcoming home those caskets and not to mention he has a foreign policy expert. >> is he really a foreign policy expert? every single position that joe biden has taken on foreign policy issues for his career has been wrong. he has opposed every positive step we've taken in foreign policy. so bring him on when it comes to foreign policy. i hope that he actually does. >> the one thing you haven't mentioned o
. that was fun. where were we? u.s. defense secretary -- this is a fascinating story. he's sounding a clairion call. >> these kinds of attacks could be a cyber pearl harbor. >> a cyber pearl harbor. leon panetta pledging tough pentagon action in response to these potential cyber attacks targeting critical u.s. control systems. eamon javers life from washington next on what it could cost corporate america. >>> and then later, is amazon's billionaire founder and ceo on to something huge? confirming the online retailer says its kindle e-readers get sold at cost, but it actually profits from the subsequent online sales connected to them. we're going to debate the merits of this kind of business model in the back half of the show. >>> also ahead, wouldn't it be cool to be larry ellison just for a day? the third richest man in america who just bought an entire hawaiian island hinting to maria just a few weeks ago about what could be his next acquisition target. wait until you hear what he's set his sights on. work. and his new boss told him two things -- cook what you love, and save your money. joe
to the european union? huh? that is the nutiest thing i have ever heard. and defense secretary leon panetta warns of a cyber pearl harbor coming from iran and it may have already begun. all on >>> jimmy, after last night's debate i keep picking those hot romney stocks and sectors. good evening, everyone, i'm larry kudlow. this is "the kudlow report." our top story tonight, paul ryan's resounding victory in last night's debate with vice president joe biden. the first ten minutes sealed it. 43 million people watched and the polls are showing a snap cnn poll gave the win to ryan and so did the cnbc survey. biden's snarky, disrespectful laughing and out-of-control interruptions hurt him enormously. plus, he gave no reason for barack obama to be reelected ryan played and cool and smart. the best line today from marco rubio. take a listen to this. >> let me tell you, it's not easy to do a good job onstage when you have a heckler on the stage with you. >> biden misled everyone with a string of falsehoods. tonight we have the man who developed the cia's program that detects deception. what
britain's largest businesses are adopting more defensive strategies. this is one of the latest findings of the deloitte cfo service. they were asked what their views are on the current operating environment. joining us with more, chief economist at deloitte. good to see you. i suppose we had a record second quarter of declines. >> confidence went through the floor back in june on the result of what's going on in the euro area. you've seen a bit of a bounce. risk appetite up is bit so i think cfos are looking at the same things the equity markets are looking at, qe-3 in the states, ecb bond buying. but the interesting thing is the underlying stock support is getting rather more defensive, they're more focused on cash. if respect. >> so what can he can to in terms of laying confidence?f re >> so what can he can to in terms of laying confidence?espe >> so what can he can to in terms of laying confidence?ct. >> so what can he can to in terms of laying confidence?. >> so what can he can to in terms of laying confidence? >> so what can he can to in terms of laying confidence? >> a lot of conc
of the commercial aviation industry has grown out of defense spending. all of the health care innovation has grown out of the n.i.h. >> in his ten years as ceo, immelt has remade g.e., selling off half the company he inherited, including plastics, insurance, and nbc. >> oh, my god. >> they're selling nbc to a company called kabletown... with a "k." >> at the same time, he has refocused the company on manufacturing, bulking up units like transportation, energy, and research and development. as jobs czar, he's urging his fellow ceos to double their hiring of engineers and devote more money to r&d. at g.e., he's triple-spending on everything from medical research to green technology, including the building of a solar panel factory in the u.s., even as other american solar companies are folding. is this something that's incredibly risky for you? >> in g.e., this is extremely low risk because we have good technology and we have scale. the crime for us is when we don't do things like that. we ought to be percolating 20 $1-billion businesses all the time that can grow inside our system. >> but even while
, with all due respect, we have far more advanced defense systems here in the united states than anywhere else in the world. we have a lot more intellectual property to protect on that front. >> intellectual property is something hauwei values greatly. we are the world leader in terms -- >> that's not the spirit of my question. you say they operate throughout europe. they operate throughout asia. those countries -- europe does very little in the way of its own defense, et cetera. we are the primary drivers of defense spending in the entire world. we have a lot more to protect. so, to say they're doing business in europe doesn't answer the concerns of the united states. >> i'm not sure what the connection is there. hauwei sells commercial telecommunications infrastructure. this is the plumbing through which internet traffic takes place. we don't operate any networks. the gear they deploy is built to the same global standards as our competitors and all of it is being developeded and coded and built in china to a great extent. there are vulnerabilities, but they are universal. and anyone tha
. the cia, nsa, department of defense, they actually know what these attacks are at the border sometimes and we don't. so business is going to have to work together in this protect the american public so we can stop cyber crime. but it is a big deal, it is going to get worse. computers in ten years are going to be 100,000 times faster and so they'll be able to do calculations quicker and get through quicker. we're going to have to meet that in every way, shape or form. believe me -- banks i think are pretty good at this. we've been doing this a long time and there are rules and regulations and -- but we have to really stay in front of it. how many of you are worried about that? don't think of just the cyber security coming over the internet to you. like everything we do, we do authenticate you. we know more about that stuff than some you think. think about the person that joins your company from inside. that's where you're going to get it. >> thank you for that re-assuring point. there is a young lady in the second to last row -- >> create internal fire walls is how you protect yourself
? >> bob, in your defense your producer came up with that. at least that's what she thinks of you. maybe that is not public perception. >> good point, kayla. why should we do it? because sprint wants ow spend $3 more a month. >> that i understand. >> you can't get away with not giving away yours, sue. >> i came up with star star mom! because that's all i heard all weekend was "mom!" but our producer changed it to anchormom. so we'll see. >> that's better. >> you think that's better? thanks, guys. >>> coming up in the next hour, you may have seen the story on "60 minutes" last night. we have a stop check on the italian company that basically controls the eyewear business. that's in the next hour right here on cnbc. so anyway, i've been to a lot of places. you know, i've helped a lot of people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more
that are probably quite conservative and defensive. even in the secondary side where people are placing book build, you've seen stocks trade up in the after market. i think european investors are look at their allocations and deciding maybe this would be a good time to issue the issuance calendar. >> so he was talking about equities and he also went on to discuss what's going on on the debt side. and of course we've seen such activity in high yield. it seems everyone at the conference was talking about high yield when ask you where is the opportunity and action. they see it there. a no one feels like this is the end of psych chel is so remarkable because there are signs of almost frothing. >> everyone going we know this is very expensive, we know there's a lot of money going into it, and yet we can't help ourselves. we have to have some more. is it that kind of feeling? >> it was almost like this is going to be a catalyst to help develop the market further. so they're still seeing its as an area of opportunity. and unless this is the very end of the cycle, we could have years left in the credit bo
lows. >> best buy on the defensive this holiday season saying it will match internet competitors' prices and deliver out of stock store items for free. >>> and we've got some ipad mini breaking news here. reporting the unveiling, taking place october 23rd, three days ahead of the microsoft tablet, two days ahead of earnings. >> jpmorgan chase reporting better than expected third quarter profits of $1.40, including the debit value adjustment. then there's wells posting q3 earnings of 88 cents, a penny above. but revenues missed street expectations. a lot of discussion, guys, about to what degree the top and bottom line really mean. anything here, jim. also some comments from dymond saying the housing turned a corner. >> when i go over the two different quarters, it's clear that wells fargo is not making much -- i'm going to schlag my own position. very clear that wells fargo is not making enough in the interest margin. down 25 basis points, 3.66. that's a dramatic turn from where they were. they were 3.91 last quarter. the average deposits are up big. but people focus on the inter
, we hear time and time again there will have to be cuts across the board, that defense is one of the big areas, bowles-simpson targeted defense i think something as the third biggest issue that needs to be addressed. do you think that we can cut the defense budget or at least maintain, keep it steady, not increase that budget, and still keep the globe safe? >> well as you know we've already been implementing $460 billion in defense cuts. there are other savings that could be made in defense. cost overruns in these weapons acquisitions is a scandal, the least noticed enormous scandal there is in america today when you look at the costs of things like the f-35 and our latest aircraft carrier with these cost plus contracts, but there are savings, but it can't be done with a medax which is what sequestration does. the secretary of defense said it would devastate our national security. senators, republican and democrat, we have asked the president to sit down with we tried this super committee and that's how we got sequestration. everybody was so sure that they would come to an agr
it as a defense business that pays a nice dividend. spanish slightly high. also had a tea bill auction out of italy today. for the first time in a while, yields were slightly high on the three-month. the 12-month yields, 1.94 from previously just under 1.7 in september. slightly higher auction yields for italy in the tea bill area. that's where we stand. some pretty low volume -- kind of waiting day, i'll put it like that. we'll wait to see what you guys get up to. but for now, back to you. >> okay, 00-ross, thank you. i read this a couple times. the obama campaign and supporters, including big wigs like david axelrod and robert gibbs along with several cable tv anchors. >> i think you know who -- ali has been tweeting. >> i doubt if that's andrew. >> would like you to believe that the bls -- that the data is handled like gold in fort knox, gun carrying guards watching their every move. highly trained white gloved super agents counting and recounting each number. when in fact, there are 60,000 households that these census workers call on the phone, try to get a hold of them over a one-week
for months. and defense secretary leon panetta says the u.s. military could act preemptively if it detects an imminent threat of cyber attack. he urged stronger action to bolster america's defenses against such plots. officials say this was the first major policy speech on cyber security by any defense secretary. and we've been waiting. the nobel peace prize was awarded today to you, the -- no, that was "time" magazine. >> total cop out. >> a cheap mirror on the cover. this time it went to the european union. the entire union. >> who gets the money? >> i don't know. they'll use to pay off some of the unlg debts that they have. the committee citing the eu's historic role in uniting the continent saying the award was meant as a morale boost for the bloc as it struggles to resolve its debt crisis. i have talked about the peace prize being both political and sort of having jumped the shark years ago. arafat and -- >> there were three of them. >> the president didn't especially want it. he said, please, the whole -- the perception of me not having done enough, he just made it worse. >> the inte
's trading a cheap multiple. has a great dividend yield. 3m on the other hand is more defensive. probably a little less upside. we think that stock is worth about $100. again, a great dividend yield. very well diversified company. no one division accounts for more than 10% of their sales. >> all right. thank you, both. interesting discussion. talk to you soon. >> thank you. see you soon. >> thank you. >> you're right. a lot of tourists go to tiffany's to buy their souvenirs. that's an expensive souvenir. myself, i'd go to 8th avenue and buy a t-shirt. >> i love new york. >> exactly. we got 40 minutes left in the trading day. it is a squeaker. will we be positive for the first time this week? right now the dow is virtually unchanged. >> so washington may not get it, but the authors of the simpson-bowles tax plan say the american people do get it. >> for generations we've asked our politicians to bring home the bacon. well, the pig is dead. >> we're going get reaction to that incredible exclusive interview coming up. >> that was great. i hope you got to see that today with steve liesman. >>
to an alarming rise in hacking. a major concern for mobile devicemakers like apple and amazon. but defense secretary leon pa n netta is calling it a national security threat. eamon javers is in washington with the latest. >> reporter: it was a landmark speech by defense secretary leon panetta last night and it was in front of a business audience in new york that he addressed the crowd and went further than he's gone before in talking about the potential for cyber war. secretary panetta saying that the united states has already seen specific instances where foreign attackers have gotten in to u.s. infrastructure software. he said that is part of the problem here. take a listen. >> we also know that they are seeking to create advance tools to attack these systems and cause panic and destruction and even the loss of life. >> reporter: panetta also said that he wants to partner with american business here. he says the key is for the pentagon and business to work closely together. but business not necessarily jumping on-board with this automatically. they fought back against what they call new
strategy later take. just a day left before the deadline on this deal. reuters quoting the british defense secretary saying they will discuss the proposed mernl merger. the company hasn't decided whether to ask for an extension of time or not. >> hard to imagine they won't. >> absolutely with a deal this size with so much still to be worked out. the imf, though, saying the global economic slow down is worsening as it cut its slow down for the second time since april. u.s. fiscal cliff is one of the top issues. here onset with us is chris whatley from long view economics. welcome. do you agree with the imf this is something everyone should be worried about? >> absolutely. there is a lot of risk in the global economy at the moment and fiscal cliff is clearly one. but in some shape or some form depending on the outcome of the election, there will be some fiscal timing into the states next year. china is disappointing, euro remains in recession and the industrial side of the states is in a recession, as well. so it's will that as if the major regions of the world, the u.s. consumer is the only
, financials are probably still undervalued. its owe been lar it's been largely a defensive rally. so things like utility, health care, staples, those are the things that are overvalued right now. so banks could actually have a night little rally. >> it depends a huge amount on what happens with the eurozone. >> the u turn -- well, we're reading the potential for a u turn on the banking union and that would be probably fairly negative because that risk sharing is somewhat important. so we'll see how that paps out. the process of -- there's so much uncertainties still for banks. we don't know what all of the renlgs lagss will look like. and that has a major impact. >>. >> so it's still out there and we didn't know what it looks like. >> and we have the pboc governor talking. >> a little news here. the vice governor saying that chinese currency has been hitting high this is week and china put together a package to support growth over the summer that package is focused on quality of life projects. results expected to be seen in the fourth quarter. full year growth around 7.8%. inflation pressur
and it will jeopardize bae's position in the u.s. defense market as well and impair the commercial prospects for the business. they've said this combination between these two stocks should not happen, not at least if you also have a dual listing t will also impair the liquidity for the stocks as well. that's a big private hairholder coming out, let alone the government shareholders can't agree on it either. and george osbourne, the uk chancellor is speaking at the conservative party conference expecting him to confirm another $10 billion in welfare savings. the key someone spain, 5.65% so yields are slightly lower once again as those yields stay at those levels the spanish government will say it's a fairly manageable situation at the moment so they will keep probably delaying having to ask for a bailout trying to get beyond a referendum in catalouna, a big region in spain. back to you guys. >> ross, last week when the spanish finance minister said that in front of a bunch of people they laughed at him? >> he was up the road, the london school of economics basically said we don't need a bailo
involved in aerospace. and they make all the screws for the aircraft in defense. >> do you know how tired your wrist would be if you did that a million times? >> they've got the electric one. go to lowe's and save a little money. but alcoa's a good barometer. but the great thing about alcoa is it's really a better company. but they moved into europe, they have gigantic europe and asian exposure. but they make aluminum. so the dogs won't eat it. this is like new and improved dog food that dogs aren't eating it. in the end, the dogs have to eat the stuff, you know? >> hopefully not a million screws. >> you were at petsmart this weekend -- >> i was. even though i don't own a pet, i like to go to petsmart. >> did you go to costco -- i tweeted my cart at costco. it's still a bargain. >> was this before or after the three fumbles by michael vick? >> that was -- >> tough sunday. >> very tough. and watch the giants. victor cruz, he's better than expected. i'm raising numbers. >> td to reception ratio. >> i'm taking his outlook up. it's not just currency. >> with a side bet on reuben randall, i as
the way to go. >> you what romney talking about wanting to spend more in defense. if you think that president obama is going to be re-elected. you don't want to be in ratheon, you're going to have to do a little selling. >> caller: i see that united health care purchased 90% of the brazilian health care companies down there, what do you see their stuff going from here and what do you think if romney's elected president? >> it's not as good if romney's elected president. because what happened is the health companies they went all in under obama. they did win. unh goes higher with president obama is re-elected. if you love playing kick the can as a kid, as i did, you should have adored as an investor in an industrial based company, the kick the can theory, our stocks go higher. >>> coming up , ipo stud or dud. but does this cloud play offer enough profit to bring investors back to the table. find out when you get to know this ipo. >>> and later, up, up and away? amazon has already sold almost 50% this year and google is up over 15%. but could these two market leaders continue to
of defense larry corps who worked in the reagan administration and richard williamson who is a senior romney foreign policy adviser. welcome, gentlemen. ambassador williams, i read the speech and tried to read it carefully. mitt romney is very critical of how president obama handled the benghazi killings and so forth and security risks. i want to ask you though specifically. in your judgment does mr. romney believe there was a cover-up going on in the white house when they put out susan rice, they already knew it wasn't the video. it was actually the al qaeda terrorists and others related to it that? will romney in the debate next week talk about a benghazi security cover-up regarding the baha obama white house? >> thanks for letting me be on. benghazi has to be seen we had 20 embassies in the greater middle east where demonstrations took place. we had four compounds breached, american flags burns and the black flag of al qaeda raised. it was a disgraceful day, and it was evidence of a failed middle east policy. on benghazi itself, governor romney's been very clear. the president of the unit
to spend more on the defense. if you think president obama is going to be reelected, you don't want to be in raytheon, frankly. you're going to have to do some little selling. let's go to kierein in florida. kierein? >> caller: boo-yah, jim cramer here in sunny florida. >> like that. what is up? >> caller: listen, i see that united health care purchased 90% of the brazilian health care companies down there. where do you see the stock go from here? and what do you think if romney's elected president? >> it's not as good. it's not as good if romney is elected president. because what happened is the health companies and the drug corporations went all in under obama. i know it sounds silly, but they did win. unh goes higher with president obama is re-elected. that brazilian thing showed their growth is no longer limited by the united states. i like that. if you love playing kick the can as a kid, as i did, you should have adored as an investor in an u.s.-based company as u.s. europe kicked the can down the road. as china falters, our stock goes higher. "mad money" will be right back. >>
with the expert-driven economy, construction economy, companies such as 3m. a little more defensive there. >> lee, if, in fact, we're talking about slowdown in production but a rise in consumption in china, why would you buy caterpillar right now? >> well, first of all, i think we have to remember you look at a yum brand that has 40, 45% of their earnings coming from china. caterpillar has a very low amount of earnings directly from china. everybody on the street agrees that caterpillar moves with our expectation of how good china will grow. but caterpillar is just starting that growth stage versus yum. it already has so much riding on the chinese economy. the other guest, i hear you. if you think that deceleration is not going to be a problem, that's fine. i would rather go with a company that has a game to win versus a game to lose. yum is extremely dependent. that company structure is dependent on china working out. i wouldn't necessarily disagree or agree with having that stock. but caterpillar has much less of their actual earnings coming from that middle kingdom. so if we have a hard landin
. on a smaller cap site, itt, which is a spinout. about a year ago they spun out their defense and water business. i think the management is very shareholder driven. the yield is compelling, and they're going to grow the yield. another name that looks compelling to me is the housing market continues to improve. lowe's, very shareholder driven. valuation at a discount to home depot. i think there's a couple ideas. >> itt as a small cap. harold jeanine is spinning in a grave somewhere. if you don't know who he is, look him up. >> i was going to ask dan the same question. what with would you do? >> i think ben bernanke is telling you you have to move out on the risk curve. two stocks we like, the gwr in the new york stock exchange. just fantastic long-term record. made what probably will be looked at as one of the most important strategic moves by buying rail america. very, very high-quality asset. the other company we like a lot is mtw, maker of trains and other industrial food service equipment. company just raised money in the high-yield bond market at 5 7/8 for a ten-year term. not so high yield
the actual chicago bears kept scoring touchdowns with the defense. i tell myself it's early, that there will be more countervailing news. sure enough, there is. walmart is holding a big rah-rah meeting and their reports are outstanding. the stock climbs and climbs. considering this is the world's largest ooeld retailer, i'm aawarding the bears 7. there is hope! plus apple, which has been an anvil around the neck of the bulls. suddenly has pep in its step. it doesn't open down. it doesn't stay down. you got to give the bulls, let's give them a field goal, one of the david akers 62 jobs. and now it's an 11-point game. admittedly negative 11, but not the end of the world. for the purposes of explanation, i'm going to shift sports entirely, just for a nanosecond, and talk about, you bet, bowling. hey, dialing for dollars. come on, i'm trying to get you involved. you see the great numbers from costco and yum and walmart. they were all in the retail sector, every one of them. all that did is to serve something we already knew, that the consumer is still spending courtesy of the we
't there more focus on the substance of the debate? that's next. >>> also ahead, defense secretary leon panetta says the u.s. is at risk of a cyber pearl harbor. who could be behind such an attack? how do we prevent it? that's later on the "closing bell." tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-866-294-5412. stop! stop! stop! come back here! humans -- we are beautifully imperfect crea
the top performing sectors. it is a day to play defense more than offense. discretionary and technology lagging the broader markets. technology essentially getting hammered, down 1.5%. netflix under serious pressure after seeing big gains earlier in the week. stocks a down grade this morning and this comes after an upgrade yesterday. herb greenberg is here with more on that. what is going on with the flix? >> that's right. you have the under perform today and yesterday was the analyst with the out performer overweight and what's beautiful about this, and it is something brian sullivan and i will be talking about later on street signs. the analysts disagree about whether amazon is or is not competition. what really matters here is this. that is whether netflix growth is either slowing or about to really slow. as a right today on cnbc.com at the current subscription levels they could be close to triggering what i like to call the chainos rule, who for years pointed one thing out to me. when a growth company sells 25 to 30 million products, it is pretty much all in with its growth, product
-- everybody got it wrong that wasn't apple. maybe i'm being too defensecy for ba defensive for ballmer but people don't like the software, they don't like the hardware. intel is a 22 -- >> 352-week low yesterday. >> yeah, not just ballmer. the fault is not necessarily in ballm ballmer. it could be in the service. >> absolutely. when we come back, apple expected to launch the ipad mini later this month but is smaller better? we'll explore the pros and cons. >>> but first -- ♪ >> coming up, cramer has stocks to critique, and he has just seconds to do it. ♪ in 60 and he knows it find out if he can, when "squawk on the street" returns. smart comes with 8 airbags, ♪ in 60 and he knows it and the world's only tridion safety cell which can withstand over three and a half tons. with can ♪ [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ tight turning, fun to drive 2013 smart. at the guaranteed's lowest price.attresses plus, pay no interest for 3 years on the best brand-name mattress sets. get your best rest ever from sleep train
and jeffries came out on the defensive? >> which one do you want me to answer? the europeans, u.s. or jeffries? >> jeffries. >> jeffries. >> jeffries. terrific. jeffries, if you are using the scorecard of the other rating firms -- we don't necessarily and other people don't. but since our action, s&p put on a negative outlook earlier in the year. moody's put out a negative watch last month. so if you're viewing that, okay. and that was after they cut the assets from 50 billion down to 15 billion. it is a significant deleveraging and even with that, the other rating firms took negative action. so you can say -- by the way, we have 24, 27 notches in our ratings scale. we downgraded them one notch. okay? one notch. i think it was from bbb to bbb-minus. that's it. i'm sorry if the market overreacted to it. it is one notch downgrade. even though -- and that was post-mf global. the idea -- it is hard to argue with this -- that the environment has clanged for the middle tier institutional growth firm dealers. >> what happens next? when will you get a resolution? and if you lose this nrsro status, do
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